A deal to get TikTok’s US operations into US hands has been struck again, in the latest development in this long-running saga. As TikTok was on the cusp of being banned in the country, President Trump told reporters he had approved a deal for Oracle and Walmart to take a stake in the app.
On Friday, the US government announced that Chinese apps TikTok and WeChat would be pulled from Apple and Google’s app stores due to ongoing national security concerns. It looks like TikTok will at least remain available for now.
Reuters reports that after the approved deal, Oracle and Walmart will help run a new company called TikTok Global, headquartered in Texas. Ultimately, just over half of TikTok Global will be owned by US investors in TikTok’s parent company ByteDance.
In a statement, President Trump said that TikTok Global would create about 25,000 new jobs in the US. He also promised the move would mean that TikTok no longer poses a threat to national security, with all of its US data stored on servers in the US.
#WeAreTikTok and we’re here to stay! pic.twitter.com/AaA8OhpvGxSeptember 19, 2020
Typical of this particular ongoing news story, there remains a lot of uncertainty as to what will actually happen to TikTok in the US. There is still no guarantee that the deal will go ahead and nothing has been signed between the companies yet.
“We are delighted that the proposal from TikTok, Oracle and Walmart will alleviate the security concerns of the US government and resolve questions about the future of TikTok in the US,” TikTok said in a statement. press statement.
“Our team works tirelessly to provide a secure and inclusive platform and we are delighted to continue to serve our amazingly diverse and creative community.”
No doubt we’ll get more details in the coming days and weeks, but it looks like TikTok will now continue to be available in the US beyond this weekend, pending the full finalization of the deal between ByteDance, Oracle and Walmart. that is now on the table.